1507 SW 6th St

Lawton, OK 73501

$41,900B

2 bd · 1.0 ba · 1,191 sqft · Built 1940 · SingleFamily · Pending · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,201/mo
• Mortgage (P&I): −$220
• Tax + insurance: −$52
• HOA: −$0
• Vac / Maint / Mgmt: −$252
• Net cashflow: $677/mo
• Annual: $8,120/yr
• Cap rate: 25.67%
• Cash-on-cash: 69.22%
• DSCR: 4.08
• 1% rule: 2.87%
• Cash to close: $11,732

Investor read

• This is a 2-bed/1.0-bath single-family listed at $42k.
• At list price, monthly cash flow is $677 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $42k).
• It's been on market 32 days — a 3% lower offer ($41k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $41k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-0.7%/yr); year-one equity from $290 of loan paydown is wiped out by about $297 of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#206 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D, crime F, commute F.
• Lawton (urban): math 20% / reading 26% proficiency, ranked #137 of 270 in OK (top 51%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Lincoln Es (math 8% / reading 8%, grade F, #741 of 845 statewide, top 89%, 401 students, 0% FRL); Central Ms (math 17% / reading 24%, grade F, #153 of 345 statewide, top 45%, 994 students, 0% FRL); Lawton Hs (math 16% / reading 21%, grade F, #302 of 447 statewide, top 68%, 1,417 students, 0% FRL) — zoned schools average 0% FRL vs 54% district-wide (54 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+1.7%/yr); 120 active listings in the ZIP; 133 units permitted in Comanche County in 2024 (0 in 5+ unit buildings).
• Comanche County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $10k; list at $42k implies a 319% gain — meaningful room to come down on a strong offer.
• At projected returns (-0.7% appreciation + 1.7% rent growth), your $12k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 25.7% vs local median 6.0% in Lawton — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.